Average transaction prices (ATP) have been above the average manufacturer’s suggested retail price (MSRP) for more than a year.
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The luxury vehicle share sold increased to above 18% of total sales, lifting overall industry ATP, while non-luxury vehicle buyers on average paid more than $500 above sticker price.
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See how Cox Automotive scored when its earlier outlook met the economic and market realities so far this year.
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Analysis: The Fed wants to see less credit flowing as part of their plan to induce pain, and it's working. Are they taking enough time to see the effects of their moves before doubling down?
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NAAA Remarketing Outlook: High vehicle prices, low inventory, solid resale values, and an enigmatic economy are taking the normality out of used and new vehicle sales.
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But don't get too excited. Days supply is still far below historical levels and production has yet to catch up to demand.
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The average price paid for a new vehicle in America now tops $48,000. Supply of popular segments – like subcompacts, hybrids and EVs – remain low.
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Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
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The average price for a new electric vehicle – over $66,000, according to Kelley Blue Book estimates – remains well above the industry average and more aligned with luxury prices versus mainstream prices.
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Rising interest rates and low consumer sentiment are keeping many potential buyers out of the market while higher gas and vehicle prices are decreasing affordability.
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